Journalizing Cash PaymentsLakeview Industries uses a cash payments journal. Prepare a cash payments journal using the same format and account titles as illustrated in the chapter. Record the following payments for merchandise purchased: Sept. 5 Issued Check No. 318 to Clausen Corp. for merchandise purchased August 28, $6,100, terms 2/10, n/30. Payment is made within the discount period.12 Issued Check No. 319 to McGonigle Co. for merchandise purchased September 2, $8,300, terms 1/10, n/30. A credit memo had previously been received from McGonigle Co. for merchandise returned, $200. Payment is made within the discount period after deduction for the return dated September 8.19 Issued Check No. 320 to Elite Systems for merchandise purchased August 19, $3,700, terms n/30.27 Issued Check No. 321 to Glenn Falls for merchandise purchased September 17, $6,800, terms 2/10, n/30. Payment is made within the discount period. GENERAL ACCOUNTS PURCHASESPOST.CASHDATECK. NO.ACCOUNT DEBITEDPAYABLE DISCOUNTSREF.DEBITCREDITDEBITCREDITМ.d11М.d22М.d33М.d44LILI

Step 1 Journal is the Part of Book Keeping.

Answered: ournalizing Cash Payments Lakeview…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Journalizing Cash Payments

Lakeview Industries uses a cash payments journal. Prepare a cash payments journal using the same format and account titles as illustrated in the chapter. Record the following payments for merchandise purchased:

Sept. 5		Issued Check No. 318 to Clausen Corp. for merchandise purchased August 28, $6,100, terms 2/10, n/30. Payment is made within the discount period.
12		Issued Check No. 319 to McGonigle Co. for merchandise purchased September 2, $8,300, terms 1/10, n/30. A credit memo had previously been received from McGonigle Co. for merchandise returned, $200. Payment is made within the discount period after deduction for the return dated September 8.
19		Issued Check No. 320 to Elite Systems for merchandise purchased August 19, $3,700, terms n/30.
27		Issued Check No. 321 to Glenn Falls for merchandise purchased September 17, $6,800, terms 2/10, n/30. Payment is made within the discount period.

GENERAL ACCOUNTS PURCHASES
POST.
CASH
DATE
CK. NO.
ACCOUNT DEBITED
PAYABLE DISCOUNTS
REF.
DEBIT
CREDIT
DEBIT
CREDIT
М.d
1
1
М.d
2
2
М.d
3
3
М.d
4
4
LILI

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